FISCAL POLICY AND ITS REFORMS IN CHINA UNDER THE 14TH FIVE-YEAR PLAN

This article examines the evolution of China’s fiscal policy during the 14th Five-Year Plan period (2021–2025), highlighting its dual role as a short-term macroeconomic stabilizer and a long-term driver of structural transformation. Drawing on official budget implementation reports, statistical data, and policy documents, the study analyzes changes in budget structure, intergovernmental transfers, public debt management, and fiscal governance reforms. The findings confirm the hypothesis that China’s fiscal policy during this period was not merely reactive but played a proactive role in advancing national development goals, promoting regional equity, and improving the efficiency and transparency of public finance.